MARKET DEVELOPMENT
VEGOILS-Palm Oil Hits Highest Levels in More Than Two Years as Stocks Fall
VEGOILS-Palm Oil Hits Highest Levels in More Than Two Years as Stocks Fall
* Palm hits 2,903 rgt/T, highest since March 10, 2014
* Market saw strong afternoon recovery on MPOB data-traders
(Updates latest prices, quotes)
11/11/2016 (Reuters) - Malaysian palm oil futures rose to their highest levels in over two and a half years in late trade on Thursday, supported by government data which showed lower than expected inventories for October.
Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange surged 1.7 percent to 2,894 ringgit ($678) a tonne at the end of the trading day. It earlier hit 2,903 ringgit, its highest since March 10, 2014.
Traded volumes stood at 39,739 lots of 25 tonnes each, lower than the 2015 average of 44,600 lots traded in a day.
A Kuala Lumpur-based futures trader said the stocks figures from the Malaysian Palm Oil Board (MPOB) lifted the market in its afternoon session, as it was lower than expectations.
Malaysia's palm oil stocks at end-October rose 1.8 percent to 1.57 million tonnes from September, versus a Reuters poll which forecast a 8.8 percent rise in inventories.
Output declined 2.2 percent to 1.68 million tonnes, while exports fell 1.4 percent to 1.37 million tonnes, the MPOB data showed.
Another trader said the rally could continue on Friday, as "the market had broken a key psychological level of 2,900 ringgit."
The December soybean oil contract on the Chicago Board of Trade was up 1.7 percent, while the January soybean oil contract on China's Dalian Commodity Exchange rose 0.2 percent.
In other related oils, the January contract for palm olein on China's Dalian Commodity Exchange rose 1.6 percent.
Palm, soy and crude oil prices at 1050 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV6 0 +35.00 0 0 0
MY PALM OIL DEC6 2893 +47.00 2814 2901 2430
MY PALM OIL JAN7 2893 +49.00 2810 2903 21731
CHINA PALM OLEIN JAN7 6174 +58.00 5994 6230 1538018
CHINA SOYOIL JAN7 6724 +16.00 6614 6796 936620
CBOT SOY OIL DEC6 34.89 +0.58 34.33 35.06 11833
INDIA PALM OIL NOV6 525.00 +4.00 517.00 526.9 1415
INDIA SOYOIL NOV6 670.25 +0.00 665.6 672.3 5990
NYMEX CRUDE DEC6 45.32 +0.05 44.91 45.64 95221
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 4.2700 ringgit)
($1 = 66.5579 Indian rupees)
($1 = 6.7965 Chinese yuan)
* Market saw strong afternoon recovery on MPOB data-traders
(Updates latest prices, quotes)
11/11/2016 (Reuters) - Malaysian palm oil futures rose to their highest levels in over two and a half years in late trade on Thursday, supported by government data which showed lower than expected inventories for October.
Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange surged 1.7 percent to 2,894 ringgit ($678) a tonne at the end of the trading day. It earlier hit 2,903 ringgit, its highest since March 10, 2014.
Traded volumes stood at 39,739 lots of 25 tonnes each, lower than the 2015 average of 44,600 lots traded in a day.
A Kuala Lumpur-based futures trader said the stocks figures from the Malaysian Palm Oil Board (MPOB) lifted the market in its afternoon session, as it was lower than expectations.
Malaysia's palm oil stocks at end-October rose 1.8 percent to 1.57 million tonnes from September, versus a Reuters poll which forecast a 8.8 percent rise in inventories.
Output declined 2.2 percent to 1.68 million tonnes, while exports fell 1.4 percent to 1.37 million tonnes, the MPOB data showed.
Another trader said the rally could continue on Friday, as "the market had broken a key psychological level of 2,900 ringgit."
The December soybean oil contract on the Chicago Board of Trade was up 1.7 percent, while the January soybean oil contract on China's Dalian Commodity Exchange rose 0.2 percent.
In other related oils, the January contract for palm olein on China's Dalian Commodity Exchange rose 1.6 percent.
Palm, soy and crude oil prices at 1050 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV6 0 +35.00 0 0 0
MY PALM OIL DEC6 2893 +47.00 2814 2901 2430
MY PALM OIL JAN7 2893 +49.00 2810 2903 21731
CHINA PALM OLEIN JAN7 6174 +58.00 5994 6230 1538018
CHINA SOYOIL JAN7 6724 +16.00 6614 6796 936620
CBOT SOY OIL DEC6 34.89 +0.58 34.33 35.06 11833
INDIA PALM OIL NOV6 525.00 +4.00 517.00 526.9 1415
INDIA SOYOIL NOV6 670.25 +0.00 665.6 672.3 5990
NYMEX CRUDE DEC6 45.32 +0.05 44.91 45.64 95221
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 4.2700 ringgit)
($1 = 66.5579 Indian rupees)
($1 = 6.7965 Chinese yuan)